Just a month after announcing its arrival in the US, Tether’s CEO, Paolo Ardoino, is already painting a bullish future for the venture’s newest digital dollar.
The industry’s largest stablecoin issuer is launching a new stablecoin, USAT, specifically for the American market. Bo Hines, formerly the head of the White House’s Council of Advisors on Digital Assets, is helming the enterprise as its CEO.
During a panel discussion at the crypto confab Token2049 in Singapore on Thursday, Ardoino has little doubt his newest token will be a success.
“My target for USAT in the next three to five years would be about $1 trillion,” Ardoino said. “It’s realistic because of the velocity at which we are seeing USDT grow.”
Also featured on the panel, Anchorage Digital CEO, Nathan McCauley, suggested the T in USAT stands for “trillions.” Anchorage Digital, the only crypto-native company with a federal banking charter, is the issuer of USAT.
The comments come as bullishness around Tether is surging. The stablecoin issuer is reportedly looking to raise $20 billion from investors at a $500 billion valuation, which would put it at the same size as tech giants like OpenAI.
Enthusiasm around Tether and the success of USAT revolves primarily around the reopening of the US to the industry.